New York City and Manchester City owner launches US soccer venture

Goals Soccer Centres Plc (LON:GOAL) has struck a deal with the owner of the Manchester City and New York City soccer clubs.

City Football Group (CFG) is to partner with the London-listed soccer facilities group in a venture with aims to accelerate growth in US markets.

The new venture will take up ownership of all Goal Soccer Centre sites in North America, whilst CFG intends to inject some US$16mln of capital. It is anticipated that cash flows from the venture will fund the business going forward.

Significantly, CFG is also licensing the joint venture to use its brand assets, i.e. those associated with the clubs that it owns.

The new venture will be officially launched today in Los Angeles, where Manchester City is presently on pre-season tour. The launch event will be attended by new City signing Danilo, as well as high profile names including Leroy Sane, Yaya Toure and Nicolas Otamendi.

Ferran Soriano, CFG and Manchester City chief executive, in a statement, said: “This is a very exciting development for our plans in the US and Canada.

“Soccer is indisputably the world’s number one sport and growing fast in this region.”

Goals Soccer chairman described it as a “transformational agreement”.

“I am delighted we have concluded our new partnership with City Football Group which will transform the prospects to expand our North American estate,” Basing said.

Story by ProactiveInvestors